People go to great lengths to secure the roof over their heads. Given the high asking prices, people often have to seek financial assistance to achieve this crucial goal. When done right, mortgages tend to be the perfect solution to this quandary.
However, rushing to secure a mortgage can saddle you with costly monthly payments every month and leave you almost penniless. Luckily, with a little creativity, you can bolster your monthly income and offset the bills.
Sublet your home
If your home boasts a couple of extra bedrooms, you can take on a few tenants and charge them rent. You can then use the money to bolster your payments and settle your other bills. Such a move assures you of extra income and can let you pay off the mortgage quicker. Just be sure to vet the character and conduct of the live-in tenant.
For good measure, you can have a contractor partition the house to ensure total privacy. That would enable your family to live independently from the renters. If space allows, you can even get them a separate entrance into the property.
Put up an extension
If you can’t afford to have a guest living in your main house but do need the extra income, you can’t go wrong with a kit home granny flat. Such units are becoming a hit with many homeowners. The growing demand for affordable accommodation can help you to increase your cash flow. Just be sure to research the market before putting one up on your property.
Similarly, you need to check with the local authorities about the rules and regulations. Lastly, you need to hire the services of a credible builder to handle the project.
Owning a home carries some high-cost responsibilities that could drain your finances. However, with a little bit efforts, you can take proactive measures to improve your cash flow.